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How to keep your clients and their transactions on time
The cliché "time is money" truly applies in a real estate transaction, where a missed deadline can cost thousands of dollars. Your clients know this–or they’ll learn pretty fast–so imagine how happy they’ll be if you keep the transaction running smoothly and ensure they have sufficient time to consider their decisions.
Are you effective?
Offers and counteroffers may fly between buyers and sellers, but the clock doesn’t start ticking on the transaction until the contract is accepted by both parties. Regardless of which side of the transaction your clients are on, ensure they’re prepared for that day, the contract’s "effective date."
After the exchange of several offers, your clients may approve a contract’s terms. You may suggest that they sleep on it before they respond–unless circumstances dictate an immediate reply. Waiting one more day gives your clients time to consider their decision and pushes back the effective date an extra day. While purposely delaying a response or holding up a transaction in bad faith would not be ethical, offering your clients the option of taking their time and thinking through their decision, especially if there’s no pressing need for an immediate response, can be beneficial and buy them an extra day.
To review the rules regarding effective dates, consult the "Contract issues" chapter of TAR’s Legal Article Book. You can access this reference manual in the Legal Tools section of TexasRealtors.com or order a copy by calling TAR at 800/873-9155.
Be a nudge
It doesn’t matter how much time buyers or sellers have if they still miss deadlines. Vendors, clients, other brokers–all parties to a transaction occasionally need little reminders when things are due, and it’s your responsibility to keep track of everything for your client.
Distribute a transaction checklist or calendar highlighting deadlines to your clients; this acts as a starting point to let them know all the pieces that must come together to make a sale. But, as you know from firsthand experience, not everyone will voluntarily adhere to the deadlines. That’s when you need to provide gentle reminders.
If a title company is late delivering a title commitment to your buyer, call them. Twice. It’s better to call several times and be brief than leave one long, detailed message at the last minute. As a busy professional, you know that few people listen to long voice-mail messages, and a few well-chosen words–spoken in a polite, but forceful tone–will get your meaning across.
Although many issues related to a transaction may resolve themselves, your clients will appreciate knowing you are on top of every detail regarding their purchase or sale. After all, your time often is their money.
Photo © Artville.
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